Good news for the Apple Watch: the global smartwatch market is forecast to grow at a CAGR [compound annual growth rate] of approximately 12% by 2020, according to new data from Research and Markets.

The widespread availability of smartwatches with advanced functionalities and features is expected to augment the interest of technology and fitness enthusiasts during the forecast period, according to the research group. An Apple Watch 2, anyone?

The compatibility of smartwatches with other mobile computing devices is expected to be the key driver for the growth of this market, according to Research and Markets. Currently, smartwatches can be connected to devices like TVs, media players, headsets, smartphones, laptops, PoS devices, and other devices having Bluetooth and NFC capabilities. This “high compatibility” of smart watches is a significant factor that is expected to augment market growth during the forecast period, notes the research group.

The global market for smartwatches is extremely competitive and is primarily dominated by large global players like Apple and Samsung. To gain traction in this market, many vendors are now forming strategic partnerships with other industry players to attract new customers to the wearable market. Since this market is still in its growth stage, many new players are expected to enter the market as it has a huge growth potential, according to Research and Markets.

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